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| FINA0013-1 | Valuation
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| Duration : | 24h Th |
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| Credits/ECTS : |
| Master in Economical Sciences, in-depth approach, 1st year | | Deuxième quadrimestre | | 5 |
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| Master in Management Sciences, in-depth approach, 1st year | | Deuxième quadrimestre | | 4 |
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| Master in Economical Sciences, didactic approach, 1st year | | Deuxième quadrimestre | | 5 |
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| Master in Management Sciences, didactic approach, 1st year | | Deuxième quadrimestre | | 4 |
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| Master en sciences de gestion, à finalité spécialisée en banking and asset management, 1st year | | Deuxième quadrimestre | | 4 |
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| Master in Economical Sciences, Professional Focus in Economic Policies and Analysis, 1st year | | Deuxième quadrimestre | | 5 |
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| Master en sciences économiques,orientation générale, à finalité spécialisée en economics and finance, 1st year | | Deuxième quadrimestre | | 5 |
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| Master in Management Sciences, professional Focus in Entrepreneurship, 1st year | | Deuxième quadrimestre | | 4 |
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| Master en sciences de gestion, à finalité spécialisée en financial analysis and audit, 1st year | | Deuxième quadrimestre | | 4 |
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| Master in Management Sciences, professional Focus, 1st year | | Deuxième quadrimestre | | 4 |
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| Master en sciences économiques, orientation générale, à finalité spécialisée en economic analysis and public governance, 1st year | | Deuxième quadrimestre | | 5 |
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| Master en sciences de gestion, à finalité spécialisée en management humain et organisation, 1st year | | Deuxième quadrimestre | | 4 |
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| Master in management Sciences, professional focus in management, 1st year | | Deuxième quadrimestre | | 4 |
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| Master en sciences de gestion, à finalité spécialisée en management des entreprises sociales, 1st year | | Deuxième quadrimestre | | 4 |
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| Master en sciences de gestion, à finalité spécialisée en intelligence stratégique et marketing, 1st year | | Deuxième quadrimestre | | 4 |
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| Master in Management Sciences | | Deuxième quadrimestre | | 4 |
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| Holder(s) : | Alain Schockert |
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| Language : | Langue française |
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| Course contents : | Assessing a financial asset, a company :
- assessment methods : intrinsic value, stock market ratios, discounted cash flow (dividends, free cash-flows);
- impact of the financial structure;
- risk premium;
- importance of the cost of capital variable for the value of financial assets;
- illiquidity discount;
- control premium, takeover legislation;
- price and value.
Impact of interest rates on financial markets (influence of the business cycle).
Financing sources & cost of capital.
Stock market listing of a Belgian company : advantages & disadvantages. |
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| Course objective : | Good command of company assessment methods.
Students should be able to take into account the evolving economic & financial context in their reflection, as well as the tax aspects. |
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| Prerequisites : | - Accounting & Finance (i. e. GEST1057-1 : Comptabilité financière et des sociétés, Bac 2 HEC-ULg)
- Financial Analysis (i.e. FINA0001-3 analyse des états financiers, Bac 3 HEC-ULg) |
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| Organization : | -Analysis of real-life cases
- Critical analysis of articles.
- Economic & financial news in the perspective of the course. |
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| Written notes : | - Richard A. BREALEY / Stewart C. MEYERS, "Principles of Corporate Finance", Mc Graw-Hill International Editions.
- J.P. COUVREUR, "La décision d'investir et la politique de l'entreprise", Université et Entreprise.
- R. COBBAUT, "Théorie Financière", Economica.
- A. SIAENS, "Monnaie et Finance", De Boeck.
- J. Fred WESTON and Eugene F. BRIGHAM, "Managerial Finance", Holt-Saunders International Editions. |
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| Assessment : | 1st session assessment : continuous assessment
2nd session assessment : written examination
Prolonged 2nd session assessment : written examination |
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| Contacts : | alain.schockert@degroof.be |
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